NYREJ

07-31-12

The New York Real Estate Journal provides the latest commercial real estate news for the entire state of New York. Read profiles of the most influential companies and people involved in the NY commercial real estate market.

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Advs. sell 7,492 s/f retail building for $3.4 million
Quick Read Ariel Property
PURCHASED BY EQUITY RESIDENTIAL; 301-UNITS LOCATED ON TOP 29 FLOORS OF TOWER nyrej.com
Volume 24 ■ Issue 14
Michael Tortorici of Ariel Property Advisors represented the buyer and the seller of 2481 Adam
Victor Sozio, Shimon Shkury and
Clayton Powell Blvd. The property is occupied by Citibank.
SEE SHOPPING CENTERS COVER
Church St. for $230 million - financed by Wells Fargo
SL Green Realty refinances 100
July 31 - August 13, 2012
Ash of Prince Realty Advs. brokers $280m sale of JD Carlisle/DLJ R.E.'s The Beatrice
NEW YORK, NY According to JD Carlisle LLC and DLJ Real Estate Capital Partners, LLC, co-developers of The Bea- trice, Chelsea's rental develop- ment located at 105 West 29th St., the 301- unit property has been sold for for $280 million. Situ-
David Ash
ated on the top 29 floors of the 54- story mixed-use tower, the residential portion of the building was purchased by Equity Residential, one of the largest residential REITs in the U.S. The rest of the building including a 292-room hotel (Eventi Hotel) and
a 529-space garage will not be part of the sale. David Ash, president of Prince Realty Advisors, was the sole broker in the deal. Additional terms of the deal were not disclosed. "The sale of the Beatrice is tes-
tament to our development team's consistent ability to deliver premier properties of the highest caliber," said Jules Demchick, chairman of JD Carlisle. "EQR recognizes the tremendous long-term value this proven property offers. New York City class A multifamily is a highly sought after asset class delivering solid returns to institutional investors. The Beatrice is just one example of the premium quality, institutional- grade product that JD Carlisle and DLJ Real Estate Capital Partners
Cohen of ABS Partners rep seller in $87 million sale of 525 Broadway in SoHo; Heller of Studley reps buyer
372,520 s/f lease at the property. CBRE's Michael Geoghegan
The 10-year loan bears an interest rate of 4.675%. The city of New York renewed their
and John Morrill represented the tenant.
SEE FINANCIAL DIGEST COVER 4 Sections 96 Pages
A. Gershonowitz..........................2A Mayor Bloomberg .......................4A Shopping Centers ................11-22A Thru the Lens .............................29A Financial Digest ...................SEC. B Question of the Month ...............4B Economic Development......SEC. C Green Buildings ................. INSERT Project of the Month ......... INSERT
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Digital
Edition nyrej.com
Printed on recycled paper Alan Cohen Woody Heller
a 45,000 s/f, eight-story red brick building located on the southwest corner of Broadway and Spring St.
Rendering of the Visitor Center at the Brooklyn Botanical Garden.
BROOKLYN, NY L.I.-based contractor E.W. Howell has completed construc- tion of the new $28 million Visitor Cen- ter at the Brooklyn Botanic Garden. Designed by Weiss/Manfredi the
525 Broadway, SoHo, Manhattan Marc Winters Matthew Kasindorf
in SoHo. Alan Cohen of ABS Partners exclu-
sively represented the seller. "This is a magnificent mixed use
property has a spectacular retail pres- ence, with full floor office tenants, high ceilings and amazing views of the Broadway Soho corridor," said Cohen, executive managing director of ABS Partners' Investment Sales &
Advisory Group. Marc Winters of McNaul Ebel
Nawrot & Helgren PLLC, based in Seattle, and Matthew Kasindorf of Meister Seelig & Fein LLP rep- resented the seller as legal counsel. Jonathan Adelsberg and Dena Cohen of Herrick, Feinstein LLP represented the buyer. Woody Heller of Studley repre- sented the buyer, JP Morgan Chase. •to comment on this story visit nyrej.com•
20,000 s/f Visitor Center combines architecture and landscape design to replace the Garden's gate on Wash- ington Ave. with an enticing entryway into the 52-acre garden. Conceived as an extension of the garden's topog- raphy, the flowing glass building is a model for the integration of built structure and landscape. The Visitor Center houses a new garden store, visible from within the garden and with new street-side connections to Washington Ave., an orientation room for tours and classes, a visitor- information desk, a new event space, a refreshment bar and restrooms. One of the many features of this new facility is the 10,000 s/f living
roof which will transform throughout the year with seasonal plantings. In addition to the living roof, the Visitor Center incorporates numerous envi- ronmentally sustainable features that are aimed toward earning LEED Gold certification. A geoexchange system consisting of 28 thermal wells heats and cools the interior spaces, reduc- ing the structure's overall energy consumption. Radiant floor heat- ing provides warmth efficiently to the building's occupants. Much of the structure and landscaping uses concrete and steel containing post- consumer and postindustrial recycled building materials. Interior wood paneling is milled from gingko trees harvested from the building site. The project is EW Howell's first
venture into Building Information Modeling (BIM).
•for full story visit nyrej.com•
MANHATTAN, NY ABS Partners Real Estate, LLC has advised on the $87 million sale of 525 Broadway,
have been successfully developing together for years." The Beatrice rented out within six
months of opening and has been vir- tually fully occupied since its rental program began in August of 2010. De- signed by architect Perkins Eastman, and developed by DLJ RECP and JD Carlisle, the residences begin on the 26th
floor above the Eventi Hotel. "The Beatrice epitomizes the
The Beatrice, 105 West 29th St.
increasing strength of multifam- ily fundamentals, particularly in the New York City market," said Andrew Rifkin, chairman and nanaging part- ner of DLJ RECP. "Together with JD Carlisle, we remain committed to the ongoing development of new, high value-added real estate opportunities, seeking ways to create even greater value for institutional investors."
E.W. Howell finishes $28m Visitor Center for Brooklyn Botanical Garden; Designed by Weiss/Manfredi
New York Real Estate Journal N ork Real Estate Journal
Photo Credit: Albert Vecerka/Esto